Fraudulent insurance claims are growing in volume, variety, and velocity. In fact, the estimated cost of property and casualty insurance claims fraud is $32 billion in the US, according to the Insurance Information Institute. Unfortunately, these losses continue to grow as the world economy is gripped by the pandemic and severe recession. Legacy fraud detection systems that apply simple fraud detection rules on siloed data, limit insurers’ ability to reduce fraud and uphold the experience of legitimate policyholders.
That is why institutions are turning to AI and cognitive solutions because they are changing the way companies manage AML compliance, fraud, and conduct surveillance. The IBM Financial Crimes Insight for Claims Fraud solution is designed to help reduce losses from a wide variety of claims, by applying cognitive analytics to identify complex and changing fraud patterns. How can you fight financial crime with AI?
Join IBM and a select group of industry thought leaders to discuss how you can lower fraud losses and operational costs, improve business results, and support a superior customer experience.